GXY management (Anthony Tse) indicated during the last conference call that we could expect lots of good announcements before the end of the year. The most important of these announcements was to be about the SdV partnership, which is the one we have all been hanging out for. He also hinted that management might look at ways to reward patient share holders following completion of the POSCO transaction.
Apart from a rather unexpected announcement regarding additional mineralisation intersects at Mt Cattlin (which was good to hear, but not what we were waiting for), there has been a stony silence.
I emailed the company a few weeks ago asking if they could confirm it was still on track to announce details of the SdV partner before Xmas. I thought this was a very reasonable question given the comments made at the conference call. Surely they could have answered yes or no. But instead they email me back this message: "Thank you again for your continuous support. We can confirm that we will continue to keep the market informed with any material information related to our operations or strategic initiatives. In line with this, once we have something material to announce in relation to Sal de Vida we will update the market".
I have a big problem with this kind of response. They were the ones who gave undertakings about announcements, but have then followed this up with nothing but silence (as they have done so many times before).
Honestly this company's PR is atrocious. The problem is that they have created an expectation that this long-winded SdV search for partners is coming to a close, and this has made many holders (myself included) hang on for fear of missing out. I mean, imagine if you had sold out during the past couple of weeks in response to the falling share price, only for the announcement to then be made shortly after and the share price to take-off (which is what we expect will happen). The trouble is that management have created an information vacuum which, combined with the present global uncertainties, has created yet another opportunity for the shorts to fck us over yet again. Great Xmas present GXY (not).
I have changed my sentiment to None.
GXY Price at posting:
$2.20 Sentiment: None Disclosure: Held
